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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Pampa Energia SA has a M-score of -5.52 suggests that the company is not a manipulator.
During the past 11 years, the highest Beneish M-Score of Pampa Energia SA was 2.67. The lowest was -6.16. And the median was -2.81.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Pampa Energia SA for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.9394||+||0.528 * -3.0189||+||0.404 * 0.8688||+||0.892 * 0.9565||+||0.115 * 1.1126|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3772||+||4.679 * -0.1412||-||0.327 * 1.1874|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $268.1 Mil.|
Revenue was 177.164090369 + 170.202972652 + 163.646135553 + 170.106777646 = $681.1 Mil.
Gross Profit was -0.477051129608 + 13.5273483948 + -7.04316290131 + -2.79940546968 = $3.2 Mil.
Total Current Assets was $506.5 Mil.
Total Assets was $1,705.9 Mil.
Property, Plant and Equipment(Net PPE) was $913.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $47.1 Mil.
Selling, General & Admin. Expense(SGA) was $156.5 Mil.
Total Current Liabilities was $696.6 Mil.
Long-Term Debt was $415.0 Mil.
Net Income was 36.824137931 + -46.3858501784 + -11.7192627824 + -19.0975029727 = $-40.4 Mil.
Non Operating Income was 11.3733650416 + -36.092627824 + -32.9961950059 + -0.327348394768 = $-58.0 Mil.
Cash Flow from Operations was 55.7772889417 + 59.3947681332 + 81.9598097503 + 61.3260404281 = $258.5 Mil.
|Accounts Receivable was $298.3 Mil.
Revenue was 135.418073722 + 165.54078478 + 187.050059453 + 224.08549346 = $712.1 Mil.
Gross Profit was -9.21284185493 + -12.2790725327 + 5.56504161712 + 5.80261593341 = $-10.1 Mil.
Total Current Assets was $411.7 Mil.
Total Assets was $1,450.2 Mil.
Property, Plant and Equipment(Net PPE) was $758.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.8 Mil.
Selling, General & Admin. Expense(SGA) was $118.8 Mil.
Total Current Liabilities was $474.2 Mil.
Long-Term Debt was $321.6 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(268.060879905 / 681.119976219)||/||(298.32508918 / 712.094411415)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(13.5273483948 / 712.094411415)||/||(-0.477051129608 / 681.119976219)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (506.543162901 + 912.952794293) / 1705.91854935)||/||(1 - (411.687277051 + 758.246967895) / 1450.18989298)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(43.7965517241 / (43.7965517241 + 758.246967895))||/||(47.1196195006 / (47.1196195006 + 912.952794293))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(156.490844233 / 681.119976219)||/||(118.795005945 / 712.094411415)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((414.974197384 + 696.554934602) / 1705.91854935)||/||((321.649583829 + 474.156837099) / 1450.18989298)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-40.3784780024 - -58.0428061831||-||258.457907253)||/||1705.91854935|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Pampa Energia SA has a M-score of -5.52 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Pampa Energia SA Annual Data
Pampa Energia SA Quarterly Data